Inflation drops for 2nd straight month as September rate slows to 38.1%

The rate of inflation in the country has dropped for a 2nd straight month as the Ghana Statistical service (GSS) has pegged the September 2023 rate at 38.1%.

This is a 2.0% drop in the August 2023 rate of 40.1%.

Disaggregating the September 2023 inflation data, government statistician, Prof. Samuel Kobina Anim disclosed food inflation fell to 49.4%, lowest in 5 months while non-food inflation fell to a 13 month low 29.3%.

Additionally, Inflation for locally produced items was 37.3% with imported items having an inflation of 39.9%.

On a regional basis, the North East recorded with the highest inflation of 54.4% with 8 other regions recording a rate higher than the national average of 38.1%.

Month-on-Month inflation between August 2023 and September 2023 was 1.9%. This is a reversal in 0.2% deflation recorded between July 2023 and August 2023.

Monthly food inflation was 2.5% with non-food inflation at 1.6%.